Credit Connect

New figures released by the Finance & Leasing Association (FLA) show growth of 3% in consumer finance new business in September, compared with the same month last year. In Q3 2017, new business grew by 6% compared with the same quarter in 2016.

In September, credit card and personal loan new business together grew by 3% compared with the same month in 2016, while retail store and online credit new business increased by 6%. The value of second charge mortgage new business was similar to September 2016, while new business volumes fell by 2% over the same period.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said “September saw consumer finance new business grow at its slowest rate since April. With consumer confidence subdued, UK new consumer credit is expected to grow by 3.3% in 2017 as a whole, down from 6.3% in 2016.”